Total amount raised
$138.2 Millions
Latest funding date
10/1/2021
Location
Expensify has successfully raised funding through multiple rounds, with notable investors including CIBC Innovation Banking and Employee Stock Option Fund. The company continues to attract significant interest from the investment community, reflecting its strong position in the financial services sector.
Keep reading to explore the intricacies of Expensify's fundraising journey and the investors backing this innovative platform.
What Is Expensify?
Expensify, founded on May 1, 2008, by David Barrett and Witold Stankiewicz, is a financial services company based in San Francisco, California. The company specializes in providing an online expense management service for businesses, utilizing features like SmartScan technology and ACH Direct Deposit for seamless expense tracking and reimbursement.
With a team of 101-250 employees, Expensify offers a range of financial management services, including expense reports, company credit cards, receipt scanning, and bill pay. The company emphasizes a collaborative and innovative work environment, attracting generalists who are eager to tackle diverse challenges.
Expensify's platform imports expenses and receipts from credit cards and emails, making it easier for businesses to manage their finances. The company continues to grow, with teams located in San Francisco, Portland, London, and Melbourne.
How Much Funding Has Expensify Raised?
- Seed Round
- Amount Raised: $1M
- Date: May 1, 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish market presence.
- Series A
- Amount Raised: $5.7M
- Date: Sep 7, 2010
- Lead Investors: Redpoint
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series B
- Amount Raised: $3.5M
- Date: Sep 30, 2014
- Lead Investors: PJC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Series C
- Amount Raised: $17M
- Date: Jul 27, 2015
- Lead Investors: OpenView
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Debt Financing
- Amount Raised: $11M
- Date: Jun 11, 2018
- Lead Investors: CIBC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: Apr 14, 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Debt Financing
- Amount Raised: $100M
- Date: Oct 31, 2021
- Lead Investors: CIBC Innovation Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation.
Total Amount Raised: $138.2M. Current Valuation: Not publicly disclosed.
Key Investors
- CIBC Innovation Banking
- Details: CIBC Innovation Banking is a division of the Canadian Imperial Bank of Commerce, focusing on providing growth capital to technology and innovation companies. They offer a range of financial services tailored to the unique needs of high-growth businesses.
- Investment Focus Areas: Technology, healthcare, clean energy.
- Notable Investments: Lightspeed, Shopify, Wave.
- Redpoint
- Details: Redpoint is a venture capital firm that invests in seed, early, and growth-stage companies. They have a strong track record of backing successful startups in the technology sector.
- Investment Focus Areas: Consumer internet, enterprise software, fintech.
- Notable Investments: Stripe, Twilio, Netflix.
- OpenView
- Details: OpenView is a venture capital firm that focuses on expansion-stage software companies. They provide both capital and operational support to help companies scale.
- Investment Focus Areas: B2B software, SaaS, cloud infrastructure.
- Notable Investments: Datadog, Expensify, Instructure.
- PJC
- Details: PJC, formerly known as Point Judith Capital, is a venture capital firm that invests in early-stage technology and healthcare companies. They focus on building long-term partnerships with entrepreneurs.
- Investment Focus Areas: Healthcare, technology, consumer products.
- Notable Investments: Nest, DraftKings, Expensify.
- Employee Stock Option Fund
- Details: The Employee Stock Option Fund provides liquidity to employees of private companies by purchasing their stock options. They help employees realize the value of their equity without waiting for an IPO or acquisition.
- Investment Focus Areas: Private company stock options, employee liquidity.
- Notable Investments: Not publicly disclosed.
What's Next for Expensify?
Expensify stands at the cusp of significant growth opportunities, driven by the increasing demand for streamlined financial management solutions. As businesses continue to digitize their operations, Expensify's innovative platform is well-positioned to capture a larger market share. The company's focus on enhancing user experience and expanding its service offerings could unlock substantial revenue streams.
Future fundraising efforts are likely to be bolstered by these growth prospects. Investors may see the potential for high returns, encouraging further capital infusion to support Expensify's expansion plans. However, the company may face challenges such as intensifying competition and the need to continuously innovate to stay ahead in the rapidly evolving fintech landscape.
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